US Senate offers $500 a month to repay student loans… but there is one small catch*

Since 2002, the United States Senate has had a phenomenal student loan repayment assistance program. Eligible individuals can receive up to $500 per month to pay down their student loans, and they can receive a total of $40,000 to be applied towards student loans.

Unfortunately, the only individuals eligible for this great program are Senate employees.

Why is this significant?

If you are considering writing your elected representative to discuss student loans, perhaps you could ask whether or not their employees participate in this student loan assistance program. If Congressional staffers deserve a break from student loans, why don’t the rest of the American people?

Why isn’t this significant?

Congress is an employer just like any other large corporation in this country. Like any other large employer, they have to compete to get the best employees, and they have made the business decision that this is the best way to attract talent.

Lets also remember that even though $18 million seems like a massive sum, its a drop in the bucket that is the Federal budget.

The Bottom Line

Perhaps the frustrating part about this program is that it seems Congress recognizes that student loans are a huge burden to many talented young people. If these loans were not a problem, this measure would not be necessary and it never would have become a law. Yet the Senate is only willing to extend this great program to help their staff. The rest of the American people are on their own.

Even though Congress has a justified interest in hiring the best employees, the fact that our tax dollars are paying down student debt for a select few makes the law seem a bit hypocritical.

Readers: How do you feel about this program? Has Congress crossed a line or is this a valid business decision?

Congress has always crossed the line. ..greed sets in real quick when they get to capital hill and some forget who the bosses are and the agenda they were supposed to follow!

Syed

You’re absolutely right Congress does have a right to do what it can to attract talented employees. I just wish more companies would do something like this, especially in fields in which new graduates have large amounts of debt.

marsha

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Tsarkov19

Hypocrisy in CONgress? What a shocking revelation.

These [email protected] show up for their first term wearing Men’s Wearhouse suits, and in very short order have switched over to Armani. Self centered, conniving, profiteering human garbage almost to a man or woman.

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Michael Lux is the founder of the Student Loan Sherpa. He is an Indiana attorney who knows first hand how frustrating it is to deal with student loan servicers and massive bills. He created the site to help other student loan borrowers navigate the complicated world of student loans.

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